Candidate.ID offers a software platform that helps recruiters identify potential candidates through an individual’s online brand engagement. Its customers include BUPA, Nielsen, and Specsavers.
Blackfinch previously invested an initial £630,000 in Candidate.ID in April last year. The new investment will further allow Candidate.ID to develop its revenue growth plans along with the machine learning behind its solution.
CEO at Candidate.ID Adam Gordon noted that the company that Blackfinch’s input and guidance had helped the company as it grew its customer base and revenue.
The company received around £1.6 million of VC investment across 2019 and 2020, enabling considerable growth in market traction.
In 2019, the company announced that it would expand its international operations, opening offices in New York and Singapore.
Ventures Director at Blackfinch Reuben Wilcock said: “Recruitment has seen significant disruption in recent years as technology solutions automate processes, increasing productivity.
“We chose to invest in Candidate.ID because we believe in the team’s vision for automated talent recruitment and a more positive experience for job seekers.
“We were also impressed with the recently re-launched platform and how the company has already secured global traction.”
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The investment in Candidate.ID had brought the total number of deals Blackfinch Ventures has made this year to 12, worth over £11 million, ahead of the tax-year-end deadline.
The move has significantly increased the number of technology and tech-enabled companies within Blackfinch’s portfolio.
In addition, the company has raised £10.4m through Blackfinch’s EIS Ventures Portfolio, which invests in innovative startup and early-stage technology companies.
A further £5.8m was raised through its Spring Venture Capital Trust (VCT), which invests primarily in companies at the start of their growth journey.
Wilcock added: “The latest round of investments for Blackfinch Ventures is a true testament to the dedication of the team, all of whom have worked tirelessly over recent months to complete on such a significant number of deals.
“Similarly, the total of funds raised is reflective of a real confidence from both new and existing clients in our commitment, as an investment group, to cementing lasting relationships with exciting, disruptive businesses that create products and platforms that address real world needs.”